Investor seeks to replace three directors on Algonquin Power & Utilities board

OAKVILLE, Ont. — A U.S. investor is seeking to replace three directors on the board of Algonquin Power & Utilities Corp., saying new leadership is needed as the company looks to sell its renewable power business and find a new permanent CEO.

Starboard Value holds about a nine per cent stake in Algonquin.

In a letter to the power utility's board of directors, Starboard says Algonquin is at a critical juncture and needs directors with the expertise, fresh perspective and shareholder-focused mindset to evaluate what may be a wide range of strategic options.

Shareholders will vote on the composition of the company's board of directors at its annual meeting on June 4. The Starboard nominees are Brett Carter, Christopher Lopez and Robert Schriesheim.

Algonquin says it is making progress on its key initiatives, including pursuing a sale of its renewable energy business and the search for a permanent CEO.

It says its corporate governance committee will review the proposed nominees and the board will present a formal recommendation in the company's management information circular.

This report by The Canadian Press was first published March 22, 2024.

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The Canadian Press